Sorry to hear this. With a USA listing being touted continually...

Sorry to hear this.

With a USA listing being touted continually last year. It is very disappointing the position PNL are currently in.

This raise was lazy, a possible cushion to keep PNL going longer term for employment and also indicative of the weakness in the USA coal market.

Mergers have been occurring within the Illinois basin for survival. I have little doubt PNL will be acquired by Alliance ONE day, but this day may be long down the track and will most certainly be on their terms. This dilution and pending sell down to 22 cents once CR is finalised will keep a huge lid on PNL.

I have been moving my PNL holding out into the EV/ESS space for a while now and this move by management signalled weakness (lack of communication/transparency) to me and kicking the can down the road for themselves somewhat.

I wish all holders the best, on to more buoyant markets for me.

Good luck.